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HUD Proposes New Definition of Qualified Mortgage
HUD proposed a new definition of “qualified mortgage” (QM) in a statement released Monday. To meet the new QM requirements, a mortgage will have to require periodic payments, have terms not exceeding...
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Short Sale Snack: Bank of America announces NEW Short Sale Program
If your financially distressed California clients can no longer afford their homes and are pursuing a Short Sale or a deed in lieu of foreclosure, they may be eligible for financial help with their...
View ArticleHUD Announces New Short Sale Requirements
Effective October 1, 2013, HUD has announced the following changes to their Federal Housing Administration (FHA) short sale requirements. To be eligible, one must successfully complete a short sale...
View ArticleBank of America Offers up to $30,000 through HAFA Incentive
Bank of America’s COOP program may have expired, but there’s good news for Agents and Homeowners! Through the HAFA program, Homeowners are eligible for $3,000-$30,000 in relocation assistance. Don’t...
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Number of U.S. Mortgages Going Unpaid
LOSS MITIGATION NEWS: Number of U.S. Mortgages Going Unpaid = 4,594,000 Lender Processing Services provided the media with a “first look” at the company’s mortgage performance statistics for the...
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What Does Fannie Mae’s New LTV Threshold Accomplish?
As of November 1, Fannie Mae is no longer purchasing loans without minimum down payments of at least 5 percent. Industry experts with the Urban Institute’s Housing Finance Policy Center argue this move...
View ArticleCalifornia’s Transition Assistance Program
If you’re financially distressed and can no longer afford to keep your home and are pursuing a short sale or deed in lieu of foreclosure, you may be eligible for financial help with relocation to...
View ArticleQualifying For A Mortgage Will Be Harder In 2014, So Refinance Now
You remember the housing market meltdown a few years back, along with the ensuing taxpayer-funded bailout of large lending institutions. Well, in an effort to regulate the lending industry and protect...
View ArticleMore Homeowners Receiving Principal Reductions Under HAMP
As of September, more than 1.2 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP), according to Treasury. Those granted permanent relief...
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HAFA increases relocation assistance from $3k to $10k.
To sum it up, Sellers who qualify for the HAFA (Home Affordable Foreclosure Alternatives) Short Sale program will now receive $10k instead of the $3k on any qualified Short Sale that closes on or after...
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